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Student Housing Daily - March 4 - CAPREIT buys $72 million property

Student Housing Daily - March 4 - CAPREIT buys $72 million property

CAPREIT buys $72 million property. Tailwind acquires 534 beds. JLL facilitates financing. UP Campus breaks ground on 641 beds. HPM tops out building. Why student housing scores high marks. Four new student housing deals.

Aid Sopjani & Matt H
March 04, 2025

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NEWS ROUNDUP

ACQUISITION: CAPREIT buys $72 million property. CAPREIT has closed on a $72.4 million acquisition of Coastal Village Student Apartments, an 800-bed community in Fort Myers, FL. The property was purchased from Coastal Ridge, which had owned the community for seven years, having acquired it in 2018 for $44 million. TD Bank provided a $43.4 million acquisition loan to support the purchase.

ACQUISITION: Tailwind acquires 534 beds. Tailwind Group, led by CEO Brandon Smith, has acquired Commons on Kinnear, a 166-unit, 534-bedroom student housing proeprty in Columbus, OH, located less than a mile from Ohio State University. The property, which features studio, two-, three-, and four-bedroom units, was purchased from an undisclosed seller, with William Vonderfecht and his team at CBRE brokering the deal. This marks Tailwind Group’s second student housing acquisition of 2025. Over the next six months, the property will undergo a significant renovation, including upgraded apartment interiors with new appliances, cabinets, countertops, flooring, and fixtures. Upon completion, the property will be rebranded as “Altitude,” one of Tailwind Group’s flagship brands. “This purchase fits within Tailwind Group’s investment thesis well,” said Joe Lindberg, Director of Capital Markets at Tailwind.

FINANCING: JLL facilitates refinancing for Class A development. JLL has successfully arranged financing for HERE Reno, a 636-bed, Class A student housing property serving the University of Nevada, Reno. The financing, a three-year floating-rate loan, was secured on behalf of Article Student Living through PPM America Inc. Built in 2022, the community features a range of studio, one-, two-, three-, four-, and five-bedroom fully furnished apartments. Luxury amenities include a 24-hour fitness center, study lounge with private rooms, hot tub and sun deck, coffee and breakfast bar, club room with kitchen and gaming zone, and a club lounge.

DEVELOPMENT: UP Campus breaks ground on 641 beds. Up Campus has officially broken ground on Blume on Ivy, a 231-unit, 641-bed luxury student housing development in Charlottesville, VA. The property is slated for completion in fall 2027, just ahead of the academic year. The developer recently secured construction financing for the project, with Fifth Third Bank providing senior debt and First Citizens Bank participating in the deal. TSB Capital Advisors represented the borrower in the transaction.

DEVELOPMENT: HPM tops out Mississippi building. HPM has announced the topping out of Azalea Hall, a five-story student housing development on the Mississippi State University campus in Starkville, MS, marking a significant milestone as construction reaches its highest point. Work on the project began in summer 2023 and remains on track for completion by summer 2025, allowing students to move in ahead of the 2025-2026 school year. Azalea Hall will provide 412 beds in a single-room, pod-style configuration, featuring shared baths and common areas. “We have collaborated closely with our university partners to meet all deadlines throughout the construction of Azalea Hall, ensuring this project is ready in time for the next school year,” said P.J. Pearson, project manager at HPM.

READ: Why student housing scores high marks.

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